Retirement and Social Security:

Right now, Social Security, with its $2.2 trillion surplus, is by all accounts doing quite well.
But if nothing changes, economists predict that in just 33 years, the entire surplus will be spent and the program will begin operating in the red.
It’s a sobering announcement that raises an obvious question of concern with younger workers — will Social Security be around when I retire?

The lack of planning can be blamed for difficult retirements of many Oklahomans facing the end or even the start of a career. Perhaps the negligence can be partially forgiven based on the fact that so many working people are extremely busy.

If you’ve started receiving applications to join AARP, it’s probably time to begin planning for retirement. Will you wait until you’re 65 or take early retirement at age 62? Others may decide to work until they’re 70 or beyond.

Do you sometimes wonder whether you’ll be able to afford retirement? It’s a common concern among Oklahoma workers, especially members of the baby-boom generation who have begun a wave of retirement here in 2008.

Saving for retirement may be low priority for most new workers. But, the younger generation, experts say, should start saving now and put away more, because their government benefits likely will be less than their older cohorts.